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268 <br /> <br /> President Fendley asked if there was any other business and there being none he <br /> declared the board meeting adjourned. <br /> <br /> President Curtis Fendley <br /> <br /> Assistant City Clerk Barbara Denny <br /> <br /> <br /> PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> <br /> RESOLUTION NO. 96-012 <br /> <br /> WHEREAS, the Paris Economic Dcvclopmcnt Corporation is a non-profit corporation <br /> governed by the Development Corporation Act of 1979, and was established for the purpose of <br /> promoting, assisting, and enhancing economic development; and, <br /> <br /> WHEREAS, thc promotion and development of new business enterprises is deemed to <br /> benefit the public welfare, as the same results in the maintenance of a higher level of <br /> employment, economic activity, and stability; and, <br /> <br /> WHEREAS, the Paris Economic Development Corporation bas granted assistance to Bits <br /> International Company, dba Bitco, in the form of the construction of three (3) buildings on 8.119 <br /> acres of property on Loop 286 N.W.; the granting of a three (3) year lease agreement with an <br /> option to buy said property at PEDC's cost; the contribution of $62,500.00 to the Northeast <br /> Texas Economic Developmcnt District as PEDC's share of thc total loan made to Bitco; and the <br /> guaranteeing or seventy-five percent (75%) or the master loan made to Bitco by participating <br /> banks; and, <br /> <br /> WHEREAS, in order to assure Bitco's success in maintaining thc newly created jobs <br /> which are essential to the welfare and prosperity of the citizens of Paris, it is deemed appropriate <br /> that a loan in the amount of $50,000.00 be granted to Bitco under thc terms and conditions <br /> shown in the Promissory Note, tile form of which is attached hereto as Exhibit A; and, <br /> <br /> WHEREAS, in the interest of time, it further deemed appropriate that this resolution <br /> granting such loan be executed in accordance with Section 5.06 of the Bylaws of the Paris <br /> Economic Development Corporation; NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION, that an operating costs loan in the amount of $50,000.00 be, and the same <br /> is hereby, granted to Bits International Company, dba Bitco, under the terms and conditions <br /> shown in the Promissory Note, tile form of which is attached hereto as Exhibit A; and, <br /> <br /> BE IT FURTHER RESOLVED, that this resolution be executed in accordance with <br /> Section 5.06 of the Bylaws of the 'Paris Economic Development Corporation. <br /> <br /> <br />